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Using the following information, what is the amount of net income? Purchases $ 33,189 Selling expenses $ 758 Merchandise inventory, September 1 7,436 Merchandise inventory, September 30 8,978 Administrative expenses 760 Sales 51,684 Rent revenue 832 Interest expense 1,152 a.$20,503

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Answer:

Net income= $18,199

Explanation:

Giving the following information:

Purchases $ 33,189 Selling expenses $ 758 Merchandise inventory, September 1 7,436 Merchandise inventory, September 30 8,978 Administrative expenses 760 Sales 51,684 Rent revenue 832 Interest expense 1,152

Sales= 51,684

COGS= (beginning inventory + purchase - ending inventory)= (7,436 + 33,189 - 8,978)= 31,647 (-)

Gross profit= 20,037

Administrative expense= 760 (-)

Selling expense= 758 (-)

Interest expense= 1,152 (-)

Rent revenue= 832

Net income= $18,199

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